0000928816-19-001081.txt : 20190719 0000928816-19-001081.hdr.sgml : 20190719 20190719083751 ACCESSION NUMBER: 0000928816-19-001081 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 13 FILED AS OF DATE: 20190719 DATE AS OF CHANGE: 20190719 EFFECTIVENESS DATE: 20190719 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM FUNDS TRUST CENTRAL INDEX KEY: 0001005942 IRS NUMBER: 043299786 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-00515 FILM NUMBER: 19962357 BUSINESS ADDRESS: STREET 1: ONE POST STREET 2: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921010 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM FUNDS TRUST CENTRAL INDEX KEY: 0001005942 IRS NUMBER: 043299786 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07513 FILM NUMBER: 19962356 BUSINESS ADDRESS: STREET 1: ONE POST STREET 2: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921010 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 0001005942 S000048370 PUTNAM MORTGAGE OPPORTUNITIES FUND C000213253 Class Y Shares C000213254 Class A Shares C000213255 Class C Shares 485BPOS 1 a_pftmofcover.htm PUTNAM FUNDS TRUST


 

 

     
  As filed with the Securities and Exchange Commission on   
  July 19, 2019   
 
  Registration No. 333-00515 
  811-07513 
 
  SECURITIES AND EXCHANGE COMMISSION   
  WASHINGTON, D.C. 20549   
 
  ---------------   
 
  FORM N-1A   
    ---- 
  REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933  / X / 
    ---- 
    ---- 
  Pre-Effective Amendment No.  /    / 
    ---- 
    ---- 
  Post-Effective Amendment No. 316  / X / 
  and  ---- 
 
    ---- 
  REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY  / X / 
  ACT OF 1940  ---- 
    ---- 
  Amendment No. 315  / X / 
  (Check appropriate box or boxes)  ---- 
 
  ---------------   
  PUTNAM FUNDS TRUST   
  (Exact Name of Registrant as Specified in Charter)   
 
  100 Federal Street, Boston, Massachusetts 02110   
  (Address of Principal Executive Offices) (Zip Code)   
 
  Registrant's Telephone Number, including Area Code   
  (617) 292-1000   
  -----------------   

 

 

 

     
  It is proposed that this filing will become effective   
  (check appropriate box)   
   
----     
/    /  immediately upon filing pursuant to paragraph (b)   
----     
----     
/ X /  on June 30, 2019 pursuant to paragraph (b)   
----     
----     
/    /  60 days after filing pursuant to paragraph (a)(1)   
----     
----     
/    /  on (date) pursuant to paragraph (a)(1)   
----     
----     
/    /  75 days after filing pursuant to paragraph (a)(2)   
----     
----     
/    /  on (date) pursuant to paragraph (a)(2) of Rule 485.   
----     
   
If appropriate, check the following box:   
----     
/    /  this post-effective amendment designates a new   
----  effective date for a previously filed post-effective amendment.   
   
  --------------   
  ROBERT T. BURNS, Vice President   
  PUTNAM FUNDS TRUST   
  100 Federal Street   
  Boston, Massachusetts 02110   
  (Name and address of agent for service)   
  ---------------   
  Copy to:   
   
  BRYAN CHEGWIDDEN, Esquire   
  ROPES & GRAY LLP   
  1211 Avenue of the Americas   
  New York, New York 10036   
  --------------------- 


This Post-Effective Amendment relates solely to the Registrant's Putnam Mortgage Opportunities Fund series. Information contained in the Registrant's Registration Statement relating to any other series of the Registrant is neither amended nor superseded hereby.

 

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, and The Commonwealth of Massachusetts, on the 19th day of July, 2019.

 

Putnam Funds Trust

 

By: /s/ Jonathan S. Horwitz, Executive Vice President,
Principal Executive Officer and Compliance Liaison

 

Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

 

Signature Title

 

Kenneth R. Leibler* Chair, Board of Trustees

 

Robert L. Reynolds* President and Trustee

 

Jonathan S. Horwitz* Executive Vice President, Principal Executive Officer and Compliance Liaison

 

Janet C. Smith* Vice President, Principal Financial Officer, Principal Accounting Officer and Assistant Treasurer

 

Liaquat Ahamed* Trustee

 

Ravi Akhoury* Trustee

 

Barbara M. Baumann* Trustee

 

Katinka Domotorffy* Trustee

 

Catharine Bond Hill* Trustee

 

Paul L. Joskow* Trustee

 

Robert E. Patterson* Trustee

 

George Putnam, III* Trustee

 

Manoj P. Singh* Trustee

 

 

 

By: /s/ Jonathan S. Horwitz, as Attorney-in-Fact
  July 19, 2019
   
*Signed pursuant to power of attorney filed in Post-Effective Amendment No. 297 to the Registrant's Registration Statement on October 26, 2018.

 

 

 

 EX-101.INS 2 pft-20190628.xml XBRL INSTANCE FILE 0001005942 2019-06-28 2019-06-28 0001005942 PFT:S000048370Member 2019-06-28 2019-06-28 0001005942 PFT:S000048370Member PFT:C000213254Member 2019-06-28 2019-06-28 0001005942 PFT:S000048370Member PFT:C000213255Member 2019-06-28 2019-06-28 0001005942 PFT:S000048370Member PFT:C000213253Member 2019-06-28 2019-06-28 0001005942 PFT:S000048370Member PFT:C000213254Member rr:AfterTaxesOnDistributionsMember 2019-06-28 2019-06-28 0001005942 PFT:S000048370Member PFT:C000213254Member rr:AfterTaxesOnDistributionsAndSalesMember 2019-06-28 2019-06-28 0001005942 PFT:S000048370Member PFT:ICEBofAMLUSTreasuryBillIndexMember 2019-06-28 2019-06-28 0001005942 PFT:S000048370Member PFT:BloombergBarclaysUSMBSIndexMember 2019-06-28 2019-06-28 iso4217:USD xbrli:pure 485BPOS 2018-12-31 PUTNAM FUNDS TRUST 0001005942 false PFT 2019-06-28 2019-07-30 2019-06-30 Fund summary Goal Fees and expenses Shareholder fees (fees paid directly from your investment) Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) Example Portfolio turnover Investments, risks, and performance Risks Performance Annual total returns for class A shares before sales charges Year-to-date performance <br /> <b>through 3/31/19</b>&#160;&#160;2.09% <br /> <br /> Best calendar quarter<br /> <b>Q3 2016</b>&#160;&#160; 4.10% <br /><br />Worst calendar quarter<br /> <b>Q1 2016</b>&#160;&#8722;4.01% Average annual total returns after sales charges (for periods ended 12/31/18) Putnam Mortgage Opportunities Fund seeks to maximize total return consistent with what Putnam Investment Management, LLC believes to be prudent risk. Total return is composed of capital appreciation and income. The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in <i>How do I buy fund shares?</i> beginning on page 16 of the fund&#8217;s prospectus, in the Appendix to the fund&#8217;s prospectus, and in <i>How to buy shares</i> beginning on page II-1 of the fund&#8217;s statement of additional information (SAI). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 16 of the fund's prospectus, in the Appendix to the fund's prospectus, and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). 100000 0.0400 0 0 0.0100 0.0100 0 0.0055 0.0055 0.0055 0.0025 0.0100 0.0028 0.0028 0.0028 0.0108 0.0183 0.0083 -0.0021 -0.0021 -0.0021 0.0087 0.0162 0.0062 <div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact PFT_S000048370Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> September 30, 2020 The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund&#8217;s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund&#8217;s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund&#8217;s turnover rate in the most recent fiscal year was 1,013%. 1646 2131 1006 952 971 440 710 555 244 485 165 63 2131 971 555 265 <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PFT_S000048370Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column period compact * column dei_LegalEntityAxis compact PFT_S000048370Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PFT_S000048370Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Investments<br /> We invest mainly in mortgage-related fixed income securities and related derivatives that are either investment-grade or below-investment-grade in quality (sometimes referred to as &#8220;junk bonds&#8221;). Under normal circumstances, we invest at least 80% of the fund&#8217;s net assets in mortgages, mortgage-related fixed income securities and related derivatives (i.e., derivatives used to acquire exposure to, or whose underlying securities are, mortgages or mortgage-related securities). The fund generally uses the net unrealized gain or loss, or market value, of mortgage-related derivatives for purposes of this policy, but may use the notional value of a derivative if that is determined to be a more appropriate measure of the fund&#8217;s investment exposure. This policy may be changed only after 60 days&#8217; notice to shareholders.<br /> <br /> We expect to invest in lower-rated, higher-yielding mortgage-backed securities, including non-agency residential mortgage-backed securities (which may be backed by non-qualified or &#8220;sub-prime&#8221; mortgages), commercial mortgage-backed securities, collateralized mortgage obligations (including interest only, principal only, and other prepayment derivatives), and agency mortgage-backed securities. Non-agency (i.e., privately issued) securities typically are lower-rated and higher yielding than securities issued or backed by agencies such as Ginnie Mae, Fannie Mae or Freddie Mac. While our emphasis will be on mortgage-backed securities, we may also invest to a lesser extent in other types of asset-backed securities. We may consider, among other factors, credit, interest rate, prepayment and liquidity risks, as well as general market conditions, when deciding whether to buy or sell investments. We typically use to a significant extent derivatives, including interest rate swaps, forward delivery contracts and total return swaps, options and swaptions on mortgage-backed securities and indices, for both hedging and non-hedging purposes, including to obtain or adjust exposure to mortgage-backed investments. It is important to understand that you can lose money by investing in the fund.<br /> <br /> The value of investments in the fund&#8217;s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector, such as the housing or real estate markets. These and other factors may lead to increased volatility and reduced liquidity in the fund&#8217;s portfolio holdings or in relevant markets. The risks associated with bond investments include interest rate risk, which means the value of the fund&#8217;s bond investments are likely to fall if interest rates rise. Bond investments are also subject to credit risk, which is the risk that the issuers of the fund&#8217;s investments may default on payment of interest or principal. Default risk is generally higher for non-qualified mortgages. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which may be considered speculative.<br /> <br /> Mortgage- and asset-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. The fund&#8217;s investments in mortgage-backed securities and asset-backed securities, and in certain other securities and derivatives, may be or become illiquid. The fund&#8217;s concentration in an industry group composed of privately issued mortgage-backed securities and mortgage-backed securities issued or guaranteed by the U.S. government or its agencies or instrumentalities may make the fund&#8217;s net asset value more susceptible to economic, market, political and other developments affecting the housing or real estate markets.<br /> <br /> Our use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations.<br /> <br /> The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#8217;s performance year to year and over time. The performance shown is that of class I shares of the fund, which are not offered in this prospectus, and this performance has been adjusted to reflect the higher fees associated with class A, C and Y shares of the fund. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. putnam.com Please remember that past performance is not necessarily an indication of future results. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. 0.0430 0.0567 0.0274 -0.0137 0.0099 0.0304 -0.0362 -0.0080 0.0188 0.0099 0.0201 0.0235 0.0341 0.0057 0.0089 0.0083 0.0146 2015-04-07 2015-04-07 2015-04-07 2015-04-07 2015-04-07 2015-04-07 2015-04-07 <div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact PFT_S000048370Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PFT_S000048370Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> The fund&#8217;s performance is compared to the ICE BofAML U.S. Treasury Bill Index, an unmanaged index that tracks the performance of U.S. dollar denominated U.S. Treasury bills, which represent obligations of the U.S. Government having a maturity of one year or less. The fund&#8217;s performance is also compared to the Bloomberg Barclays U.S. Mortgage Backed Securities (MBS) Index, an unmanaged index that tracks agency mortgage pass-through securities (both fixed-rate and hybrid adjustable-rate mortgages) guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Securities in the fund do not match those in the indexes and the performance of the fund will differ.<br /> <br /> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. Year-to-date performance 2019-03-31 0.0209 Best calendar quarter 2016-09-30 0.0410 Worst calendar quarter 2016-03-31 -0.0401 10.13 N-1A Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Other expenses are based on expenses of class I shares (which are not offered in this prospectus) for the fund's last fiscal year, restated to reflect the higher investor servicing fees applicable to class A, C and Y shares. Reflects Putnam Investment Management, LLC's ("Putnam Management") contractual obligation to limit certain fund expenses through September 30, 2020. This obligation may be modified or discontinued only with approval of the Board of Trustees. ICE Data Indices, LLC ("ICE BofAML"), used with permission. ICE BofAML permits use of the ICE BofAML indices and related data on an "as is" basis; makes no warranties regarding same; does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofAML indices or any data included in, related to, or derived therefrom; assumes no liability in connection with the use of the foregoing; and does not sponsor, endorse, or recommend Putnam Investments, or any of its products or services. 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Putnam Mortgage Opportunities Fund
Fund summary
Goal
Putnam Mortgage Opportunities Fund seeks to maximize total return consistent with what Putnam Investment Management, LLC believes to be prudent risk. Total return is composed of capital appreciation and income.
Fees and expenses
The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 16 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).
Shareholder fees (fees paid directly from your investment)
Shareholder Fees - Putnam Mortgage Opportunities Fund
Class A
Class C
Class Y
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) 4.00% none none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) 1.00% [1] 1.00% [2] none
[1] Applies only to certain redemptions of shares bought with no initial sales charge.
[2] This charge is eliminated after one year.
Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Putnam Mortgage Opportunities Fund
Class A
Class C
Class Y
Management fees 0.55% 0.55% 0.55%
Distribution and service (12b-1) fees 0.25% 1.00%  
Other expenses [1] 0.28% 0.28% 0.28%
Total annual fund operating expenses 1.08% 1.83% 0.83%
Expense reimbursement [2] (0.21%) (0.21%) (0.21%)
Total annual fund operating expenses after expense reimbursement 0.87% 1.62% 0.62%
[1] Other expenses are based on expenses of class I shares (which are not offered in this prospectus) for the fund's last fiscal year, restated to reflect the higher investor servicing fees applicable to class A, C and Y shares.
[2] Reflects Putnam Investment Management, LLC's ("Putnam Management") contractual obligation to limit certain fund expenses through September 30, 2020. This obligation may be modified or discontinued only with approval of the Board of Trustees.
Example
The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.
Expense Example - Putnam Mortgage Opportunities Fund - USD ($)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Class A 485 710 952 1,646
Class C 165 555 971 2,131
Class Y 63 244 440 1,006
Expense Example, No Redemption
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Expense Example, No Redemption, 5 Years
Expense Example, No Redemption, 10 Years
Putnam Mortgage Opportunities Fund | Class C | USD ($) 265 555 971 2,131
Portfolio turnover
The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 1,013%.
Investments, risks, and performance
Investments
We invest mainly in mortgage-related fixed income securities and related derivatives that are either investment-grade or below-investment-grade in quality (sometimes referred to as “junk bonds”). Under normal circumstances, we invest at least 80% of the fund’s net assets in mortgages, mortgage-related fixed income securities and related derivatives (i.e., derivatives used to acquire exposure to, or whose underlying securities are, mortgages or mortgage-related securities). The fund generally uses the net unrealized gain or loss, or market value, of mortgage-related derivatives for purposes of this policy, but may use the notional value of a derivative if that is determined to be a more appropriate measure of the fund’s investment exposure. This policy may be changed only after 60 days’ notice to shareholders.

We expect to invest in lower-rated, higher-yielding mortgage-backed securities, including non-agency residential mortgage-backed securities (which may be backed by non-qualified or “sub-prime” mortgages), commercial mortgage-backed securities, collateralized mortgage obligations (including interest only, principal only, and other prepayment derivatives), and agency mortgage-backed securities. Non-agency (i.e., privately issued) securities typically are lower-rated and higher yielding than securities issued or backed by agencies such as Ginnie Mae, Fannie Mae or Freddie Mac. While our emphasis will be on mortgage-backed securities, we may also invest to a lesser extent in other types of asset-backed securities. We may consider, among other factors, credit, interest rate, prepayment and liquidity risks, as well as general market conditions, when deciding whether to buy or sell investments. We typically use to a significant extent derivatives, including interest rate swaps, forward delivery contracts and total return swaps, options and swaptions on mortgage-backed securities and indices, for both hedging and non-hedging purposes, including to obtain or adjust exposure to mortgage-backed investments.
Risks
It is important to understand that you can lose money by investing in the fund.

The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector, such as the housing or real estate markets. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings or in relevant markets. The risks associated with bond investments include interest rate risk, which means the value of the fund’s bond investments are likely to fall if interest rates rise. Bond investments are also subject to credit risk, which is the risk that the issuers of the fund’s investments may default on payment of interest or principal. Default risk is generally higher for non-qualified mortgages. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which may be considered speculative.

Mortgage- and asset-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. The fund’s investments in mortgage-backed securities and asset-backed securities, and in certain other securities and derivatives, may be or become illiquid. The fund’s concentration in an industry group composed of privately issued mortgage-backed securities and mortgage-backed securities issued or guaranteed by the U.S. government or its agencies or instrumentalities may make the fund’s net asset value more susceptible to economic, market, political and other developments affecting the housing or real estate markets.

Our use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance
The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The performance shown is that of class I shares of the fund, which are not offered in this prospectus, and this performance has been adjusted to reflect the higher fees associated with class A, C and Y shares of the fund. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Annual total returns for class A shares before sales charges
Bar Chart
Year-to-date performance
through 3/31/19  2.09%

Best calendar quarter
Q3 2016   4.10%

Worst calendar quarter
Q1 2016 −4.01%
Average annual total returns after sales charges (for periods ended 12/31/18)
Average Annual Total Returns - Putnam Mortgage Opportunities Fund
1 Year
Since Inception
Inception Date
Class A (1.37%) 2.01% Apr. 07, 2015
Class A | after taxes on distributions (3.62%) 0.57% Apr. 07, 2015
Class A | after taxes on distributions and sale of fund shares (0.80%) 0.89% Apr. 07, 2015
Class C 0.99% 2.35% Apr. 07, 2015
Class Y 3.04% 3.41% Apr. 07, 2015
ICE BofAML U.S. Treasury Bill Index (no deduction for fees, expenses or taxes) [1] 1.88% 0.83% Apr. 07, 2015
Bloomberg Barclays U.S. MBS Index (no deduction for fees, expenses or taxes)  0.99% 1.46% Apr. 07, 2015
[1] ICE Data Indices, LLC ("ICE BofAML"), used with permission. ICE BofAML permits use of the ICE BofAML indices and related data on an "as is" basis; makes no warranties regarding same; does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofAML indices or any data included in, related to, or derived therefrom; assumes no liability in connection with the use of the foregoing; and does not sponsor, endorse, or recommend Putnam Investments, or any of its products or services.
The fund’s performance is compared to the ICE BofAML U.S. Treasury Bill Index, an unmanaged index that tracks the performance of U.S. dollar denominated U.S. Treasury bills, which represent obligations of the U.S. Government having a maturity of one year or less. The fund’s performance is also compared to the Bloomberg Barclays U.S. Mortgage Backed Securities (MBS) Index, an unmanaged index that tracks agency mortgage pass-through securities (both fixed-rate and hybrid adjustable-rate mortgages) guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Securities in the fund do not match those in the indexes and the performance of the fund will differ.

After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.
XML 10 R8.htm IDEA: XBRL DOCUMENT v3.19.2
Label Element Value
Prospectus [Line Items] rr_ProspectusLineItems  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Dec. 31, 2018
Entity Registrant Name dei_EntityRegistrantName PUTNAM FUNDS TRUST
Entity Central Index Key dei_EntityCentralIndexKey 0001005942
Amendment Flag dei_AmendmentFlag false
Entity Inv Company Type dei_EntityInvCompanyType N-1A
Trading Symbol dei_TradingSymbol PFT
Document Creation Date dei_DocumentCreationDate Jun. 28, 2019
Document Effective Date dei_DocumentEffectiveDate Jul. 30, 2019
Prospectus Date rr_ProspectusDate Jun. 30, 2019
Putnam Mortgage Opportunities Fund  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading Fund summary
Objective [Heading] rr_ObjectiveHeading Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock Putnam Mortgage Opportunities Fund seeks to maximize total return consistent with what Putnam Investment Management, LLC believes to be prudent risk. Total return is composed of capital appreciation and income.
Expense [Heading] rr_ExpenseHeading Fees and expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 16 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination September 30, 2020
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 1,013%.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 1013.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 16 of the fund's prospectus, in the Appendix to the fund's prospectus, and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 100,000
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.
Strategy [Heading] rr_StrategyHeading Investments, risks, and performance
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Investments
We invest mainly in mortgage-related fixed income securities and related derivatives that are either investment-grade or below-investment-grade in quality (sometimes referred to as “junk bonds”). Under normal circumstances, we invest at least 80% of the fund’s net assets in mortgages, mortgage-related fixed income securities and related derivatives (i.e., derivatives used to acquire exposure to, or whose underlying securities are, mortgages or mortgage-related securities). The fund generally uses the net unrealized gain or loss, or market value, of mortgage-related derivatives for purposes of this policy, but may use the notional value of a derivative if that is determined to be a more appropriate measure of the fund’s investment exposure. This policy may be changed only after 60 days’ notice to shareholders.

We expect to invest in lower-rated, higher-yielding mortgage-backed securities, including non-agency residential mortgage-backed securities (which may be backed by non-qualified or “sub-prime” mortgages), commercial mortgage-backed securities, collateralized mortgage obligations (including interest only, principal only, and other prepayment derivatives), and agency mortgage-backed securities. Non-agency (i.e., privately issued) securities typically are lower-rated and higher yielding than securities issued or backed by agencies such as Ginnie Mae, Fannie Mae or Freddie Mac. While our emphasis will be on mortgage-backed securities, we may also invest to a lesser extent in other types of asset-backed securities. We may consider, among other factors, credit, interest rate, prepayment and liquidity risks, as well as general market conditions, when deciding whether to buy or sell investments. We typically use to a significant extent derivatives, including interest rate swaps, forward delivery contracts and total return swaps, options and swaptions on mortgage-backed securities and indices, for both hedging and non-hedging purposes, including to obtain or adjust exposure to mortgage-backed investments.
Risk [Heading] rr_RiskHeading Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock It is important to understand that you can lose money by investing in the fund.

The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector, such as the housing or real estate markets. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings or in relevant markets. The risks associated with bond investments include interest rate risk, which means the value of the fund’s bond investments are likely to fall if interest rates rise. Bond investments are also subject to credit risk, which is the risk that the issuers of the fund’s investments may default on payment of interest or principal. Default risk is generally higher for non-qualified mortgages. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which may be considered speculative.

Mortgage- and asset-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. The fund’s investments in mortgage-backed securities and asset-backed securities, and in certain other securities and derivatives, may be or become illiquid. The fund’s concentration in an industry group composed of privately issued mortgage-backed securities and mortgage-backed securities issued or guaranteed by the U.S. government or its agencies or instrumentalities may make the fund’s net asset value more susceptible to economic, market, political and other developments affecting the housing or real estate markets.

Our use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is important to understand that you can lose money by investing in the fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The performance shown is that of class I shares of the fund, which are not offered in this prospectus, and this performance has been adjusted to reflect the higher fees associated with class A, C and Y shares of the fund. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress putnam.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Please remember that past performance is not necessarily an indication of future results.
Bar Chart [Heading] rr_BarChartHeading Annual total returns for class A shares before sales charges
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart does not reflect the impact of sales charges. If it did, performance would be lower.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Year-to-date performance
through 3/31/19  2.09%

Best calendar quarter
Q3 2016   4.10%

Worst calendar quarter
Q1 2016 −4.01%
Year to Date Return, Label rr_YearToDateReturnLabel Year-to-date performance
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2019
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 2.09%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best calendar quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 4.10%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst calendar quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Mar. 31, 2016
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (4.01%)
Performance Table Heading rr_PerformanceTableHeading Average annual total returns after sales charges (for periods ended 12/31/18)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for class A shares only and will vary for other classes.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The fund’s performance is compared to the ICE BofAML U.S. Treasury Bill Index, an unmanaged index that tracks the performance of U.S. dollar denominated U.S. Treasury bills, which represent obligations of the U.S. Government having a maturity of one year or less. The fund’s performance is also compared to the Bloomberg Barclays U.S. Mortgage Backed Securities (MBS) Index, an unmanaged index that tracks agency mortgage pass-through securities (both fixed-rate and hybrid adjustable-rate mortgages) guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Securities in the fund do not match those in the indexes and the performance of the fund will differ.

After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.
Putnam Mortgage Opportunities Fund | ICE BofAML U.S. Treasury Bill Index (no deduction for fees, expenses or taxes)  
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 1.88% [1]
Since Inception rr_AverageAnnualReturnSinceInception 0.83% [1]
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 07, 2015 [1]
Putnam Mortgage Opportunities Fund | Bloomberg Barclays U.S. MBS Index (no deduction for fees, expenses or taxes)   
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 0.99%
Since Inception rr_AverageAnnualReturnSinceInception 1.46%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 07, 2015
Putnam Mortgage Opportunities Fund | Class A  
Prospectus [Line Items] rr_ProspectusLineItems  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.00%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 1.00% [2]
Management fees rr_ManagementFeesOverAssets 0.55%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.28% [3]
Total annual fund operating expenses rr_ExpensesOverAssets 1.08%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.21%) [4]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 0.87%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 485
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 710
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 952
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,646
Annual Return 2016 rr_AnnualReturn2016 4.30%
Annual Return 2017 rr_AnnualReturn2017 5.67%
Annual Return 2018 rr_AnnualReturn2018 2.74%
1 Year rr_AverageAnnualReturnYear01 (1.37%)
Since Inception rr_AverageAnnualReturnSinceInception 2.01%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 07, 2015
Putnam Mortgage Opportunities Fund | Class A | after taxes on distributions  
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 (3.62%)
Since Inception rr_AverageAnnualReturnSinceInception 0.57%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 07, 2015
Putnam Mortgage Opportunities Fund | Class A | after taxes on distributions and sale of fund shares  
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 (0.80%)
Since Inception rr_AverageAnnualReturnSinceInception 0.89%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 07, 2015
Putnam Mortgage Opportunities Fund | Class C  
Prospectus [Line Items] rr_ProspectusLineItems  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 1.00% [5]
Management fees rr_ManagementFeesOverAssets 0.55%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 0.28% [3]
Total annual fund operating expenses rr_ExpensesOverAssets 1.83%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.21%) [4]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 1.62%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 165
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 555
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 971
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,131
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 265
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 555
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 971
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,131
1 Year rr_AverageAnnualReturnYear01 0.99%
Since Inception rr_AverageAnnualReturnSinceInception 2.35%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 07, 2015
Putnam Mortgage Opportunities Fund | Class Y  
Prospectus [Line Items] rr_ProspectusLineItems  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.55%
Other expenses rr_OtherExpensesOverAssets 0.28% [3]
Total annual fund operating expenses rr_ExpensesOverAssets 0.83%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.21%) [4]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 0.62%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 63
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 244
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 440
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,006
1 Year rr_AverageAnnualReturnYear01 3.04%
Since Inception rr_AverageAnnualReturnSinceInception 3.41%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 07, 2015
[1] ICE Data Indices, LLC ("ICE BofAML"), used with permission. ICE BofAML permits use of the ICE BofAML indices and related data on an "as is" basis; makes no warranties regarding same; does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofAML indices or any data included in, related to, or derived therefrom; assumes no liability in connection with the use of the foregoing; and does not sponsor, endorse, or recommend Putnam Investments, or any of its products or services.
[2] Applies only to certain redemptions of shares bought with no initial sales charge.
[3] Other expenses are based on expenses of class I shares (which are not offered in this prospectus) for the fund's last fiscal year, restated to reflect the higher investor servicing fees applicable to class A, C and Y shares.
[4] Reflects Putnam Investment Management, LLC's ("Putnam Management") contractual obligation to limit certain fund expenses through September 30, 2020. This obligation may be modified or discontinued only with approval of the Board of Trustees.
[5] This charge is eliminated after one year.
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